U.S Dollar Loses Ground Even After Positive GDP Data
Oct, 28th 16:39
The Euro rose on Friday against the U.S dollar, looking set to finish the week higher after hitting the lowest since March 03rd at $1.08502 on Tuesday.
The pair EURUSD ticked higher even after the U.S Bureau of Economic Analysis reported the preliminary reading of the U.S. third-quarter gross domestic product reached the highest since mid-2014. The U.S economy expanded at the pace of 2.9% in the three-month period through September, which marked an improvement compared to the first half of the year when the U.S. grew just barely over 1%.
The dollar index, which measures the strength of the greenback versus a basket of major currency retreated 0.28% at the time of writing. Markets are widely waiting for the Federal Reserve’s next meeting on November 01st and the U.S presidential election scheduled one week after that.
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